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					                                                                                               Regd off: Apeejay House, 7th Flr, 3, Dinshaw Vachha Rd, Churchgate, Mumbai-20
RALLIS INDIA LIMITED                                                                           E-Mail:    pmeherhomji@rallis.co.in
                                                                                               Web site: www.rallis.co.in
                                                                                               Telephone: (022) 6665 2700 Fax: (022) 6665 2827
FERTILIZERS                                                                           TATA     Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai - 11
Chairman: R. Gopalakrishnan                                                      SEC: P. S. Meherhomji                                    AUD: Deloitte Haskins & Sells
Yr of Inc   B. Code       BL. Code      F.V.         Price        % ch 1-m       % ch 12-m       P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1948   500355             RALI:IN      10           797.3          10.1            42.4         13.2          10.1        2.0           9,551.7              8.3         INE613A01012
SHAREHOLDING                                                       FX Transaction   (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :   45.2%               Exports (fob)          Rs m       2,891              (Rs)
Foreign collaborators      :    0.0%               Imports (cif)          Rs m       2,615
Indian inst/Mut Fund       :   26.8%               Fx inflow              Rs m       2,947       1000
FIIs/GDR                   :    5.2%               Fx outflow             Rs m       2,657                                                                    DAILY
Free float                 :   22.8%               Net fx                 Rs m         290
Shareholders               :    8,849
                                                                                                  800                                                         100 DMA

                           No. of months                    12            12            12
                             Year ending              31/03/07      31/03/08      31/03/09        600
EQUITY SHARE DATA
High                                    Rs                 365            675           600
Low                                     Rs                 220            245           280       400
Sales per share                         Rs               515.9          564.0         699.2
Earnings per share                      Rs                48.9          104.6          60.2
Cash flow per share                     Rs                74.8          121.4          79.3
                                                                                                  200
Dividends per share                     Rs                8.00          16.00         16.00
Dividend yield (eoy)                    %                  2.7            3.5            3.6
                                                                                                       0
Book value per share                    Rs               101.8          182.9         212.5
Shares outstanding (eoy)                m                11.98          11.98         11.98            Aug-06          Jun-07            Feb-08              Nov-08            Aug-09
Bonus/Rights/Conversions                                      -              -             -
Price / Sales ratio                     x                   0.6            0.8           0.6                               No. of months                 12           12             12
Avg P/E ratio                           x                   6.0            4.4           7.3                                 Year ending           31/03/07     31/03/08       31/03/09
                                                                                                CASH FLOW
P/CF ratio (eoy)                        x                   3.9            3.8           5.5
Price / Book Value ratio                x                   2.9            2.5           2.1    From Operations                          Rs   m        439             -449       1,391
Dividend payout                         %                 16.4           15.3          26.6     From Investments                         Rs   m        675              423      -1,423
Avg Mkt Cap                             Rs m             3,504          5,511         5,271     From Financial Activity                  Rs   m     -1,020             -125          30
No. of employees                        `000                  1              1             1    Net Cashflow                             Rs   m         95             -151          -2
Total wages/salary                      Rs m               535            603           692
Avg. sales/employee                     Rs Th          5,953.8        6,650.6       9,401.8                                       INTERIM RESULTS
Avg. wages/employee                     Rs Th            515.4          593.5         776.7                                           2QFY09  3QFY09                4QFY09      1QFY10
Avg. net profit/employee                Rs Th            564.5        1,233.3         809.2     Net sales                   Rs    m     2,848   2,142                 1,781       1,664
                                                                                                Gross profit                Rs    m       707      300                  177         196
INCOME DATA                                                                                     Gross profit margin         %            24.8     14.0                   9.9       11.8
Net Sales                               Rs     m         6,180         6,757         8,377      Net profit                  Rs    m       445      171                  118         114
Other income                            Rs     m           260           234           217      Net profit margin           %            15.6      8.0                   6.6         6.9
Total revenues                          Rs     m         6,440         6,991         8,594
Gross profit                            Rs     m           166           617         1,079                                            KEY DATA
Depreciation                            Rs     m           310           201           229      Parameters                          Unit              FY07            FY08        FY09
Interest                                Rs     m           113            43             34     Pesticides (solid)                  Tonnes           18,967          16,847      13,452
Profit before tax                       Rs     m              3          607         1,033      Pesticides (liquid)                 KL. Ltr           8,967           8,876       8,606
Minority Interest                       Rs     m              0             0             0     Plant Growth Nutrients              Tonnes            1,251           1,143         850
Prior Period Items                      Rs     m             18             0            -6     Seeds                               Tonnes            1,163             980         205
Extraordinary Inc (Exp)                 Rs     m           552           857            40      Tanning Materials                   Tonnes              907           1,057         684
Tax                                     Rs     m           -13           211           346
                                                                                                                                       NOTES
Profit after tax                        Rs     m           586         1,253           721
Gross profit margin                     %                   2.7           9.1         12.9     Rallis India, a Tata group company is one of the leading agrochemical companies in
Effective tax rate                      %               -433.3          34.8          33.5     the Indian market. It is known for its deep understanding of Indian agriculture,
                                                                                               sustained relationships with farmers, quality agrochemicals, branding and marketing
Net profit margin                       %                   9.5         18.5            8.6
                                                                                               expertise and its strong portfolio. It is well recognized for its manufacturing
BALANCE SHEET DATA                                                                             capabilities in crop protection chemicals along with its ability to develop new process
                                                                                               and formulations aided by the capability to register new products. It also has contract
Current assets                          Rs m             3,159          3,381        3,519     manufacturing alliances with several multinational agrochemical companies.
Current liabilities                     Rs m             2,581          2,011        2,608
Net working cap to sales                %                   9.4          20.3         10.9     During FY09, Rallis managed to grow its topline by a robust 24% on the back of
Current ratio                           x                   1.2            1.7          1.3    significant increase in international business coupled with improved performance of
Inventory Turnover                      Days                 75            80           65     domestic formulations business. Operating profits grew by 74.9% YoY in FY09,
Debtors Turnover                        Days                53             55           51     enabling an expansion in operating margins to 12.9% as compared to 9.1% in FY08.
Net fixed assets                        Rs m             1,441          1,479        1,877     However, net profits declined by 42.5% YoY in FY09. It may be noted that FY08's net
Share capital                           Rs m               120            120          120     profits included a significant amount arising from profit on sale of land.
"Free" reserves                         Rs m               947          1,906        2,324
                                                                                               Agriculture sector will continue to remain robust in years to come. However, the
Net worth                               Rs m             1,220          2,191        2,546     availability of land under agriculture being limited and coming down in many regions
Long term debt                          Rs m                 73            60           60     will likely push up the need to drive productivity by increased use of agri inputs. Rallis
Total assets                            Rs m             4,918          5,415        6,757     India being one of the leading agri inputs company in the country is most likely to
Interest coverage                       x                   1.0          15.1         31.4     capitalize on this opportunity. It also plans to launch new products in the coming year
Debt to equity ratio                    x                   0.1            0.0          0.0    and expects them to add substantially to the growth. It plans to continue to focus on
Sales to assets ratio                   x                   1.3            1.2          1.2    the profitability and also concentrate on bottomline growth rather than volumes. Rallis
Return on assets                        %                 54.1           57.6         29.0     India has implemented programme 'DISHA' for the same, which is poised to enhance
Return on equity                        %                 48.0           57.2         28.3     the enterprise value of the company.
Return on capital                       %                 53.1           66.9         42.2
Exports to sales                        %                 24.7           23.5         34.5
Imports to sales                        %                 21.8           23.8         31.2
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